Services and construction the main driving force of Albanian economic growth: INSTAT

INSTAT published on Monday statistics of the GDP for the last quarter of last year, which put growth for 2016 at the level of 3.46%.

Ever for the last year, the Albanian economy growth relied mainly on trade and services, while manufacturing branches reported a very weak growth.

While production figures in absolute terms are still to be published, through quarterly changes a simple average growth in 2016 for each sector can be built, in order to have a rough idea of ​​the progress for each sector.

The highest growth in 2016 was reported in the arts and entertainment activities, with 8.33%, followed by financial services, 7.05%, and the information and communication sector with 6.93%.

Construction was confirmed among the sectors that have a higher specific weight in the economy, due to the high growth for last year, 6.13%.

This sector is supported by substantial volumes in civil engineering projects, while residential construction has also shown signs of recovery.

The group with the highest weight in the economy, the one including trade, transport and accommodation, grew by 5.78% over the previous year, being the main contributor to economic growth.

In terms of manufacturing sectors, even 2016 produced poor results.

Agriculture is estimated to have grown by 0.45%. After falling in the first half of the year, the second half resulted positive, but the average increase was fairly modest in size.

The same thing can be said about the industry, with an average increase of 0.54%.

The weak year for extractive industry was compensated by the significant growth in the energy sector, while the manufacturing industry is estimated to have had a slight increase.

Albanian economy is experiencing a gradual recovery, but, however, its structure does not seem to have changed much: services and construction dominate, while production has a lower weight.

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